ICO raises funds

JAKARTA (JP): International Circular Orbit (ICO) Global Communications, a satellite-based personal communications services operator, has increased its funding by more than US$225 million from existing and new investors, the company said.

Company top executive Olof Lundberg said in London over the weekend that ICO had attracted firm new equity commitments and additional pledges from new and existing shareholders that may lead to significant further investment.

Among the new investors were BT of Britain, TTIE of Taiwan, Office des Postes et Telecommunications of Benin, VSNL of India, SPJ of Japan, Korea Telecom, Telecom Mexico, OTE of Greece and Etilasat of United Arab Emirates, he added.

ICO, set up in January 1995, plans to provide a full range of services by 2000.

The company has received or has committed equity contributions in excess of US$1.7 billion from 50 investors of 47 nations.

Indonesia's state-owned PT Indosat, which controls a minority ownership in ICO, has been selected to construct and operate a satellite access node for the service. (icn)